Taking a look through the short sell data, it's interesting to see how the level of CNP shorts has stabilised in the 7-8 million range in the past couple of weeks. Below is the data back to mid May. As you will see, we have been above 14 million at a couple of points.
There has been a lot more neutral to positive news coming out on the company recently which is limiting the downside that shorters require to make money. The CAF sale last week, the imminent CAWF announcement and the potential for equity injection mean that a spike up in SP could occur at any time - not good to be caught short if this were to happen. This has resulted in the buy side of the CNP order book strengthening significantly which means it is harder and harder to make a cent or two by dumping large parcels into the market to force the price down.